Sandvik Gets EGM OK To Issue New Shares For Seco Tools Offer
13 December 2011 - 2:05AM
Dow Jones News
Swedish industrial group Sandvik AB (SAND.SK) on Monday said it
obtained approval at an extraordinary general meeting to issue new
shares to complete its public offer to the minority shareholders of
Seco Tools AB (SECO-B.SK). The general meeting also agreed to
change the registered office of Sandvik's board of directors to
Stockholm from Sandviken.
MAIN FACTS:
-Sandvik's public offer to the minority shareholders of Seco
Tools has been completed after its board of directors obtained
approval at an extraordinary general meeting to issue new
shares.
-Sandvik's board obtained approval to issue up to 69,195,888 new
shares in the company as consideration for the acquisition of
shares in Seco Tools AB under a public offer announced Nov. 7.
-As a result, conditions for the deal are satisfied and the
offer will be completed.
-At 1407 GMT, Sandvik's shares traded 2.3% lower at
SEK81.30.
-By Katarina Gustafsson, Dow Jones Newswires; +46-8-5451-3097;
katarina.gustafsson@dowjones.com
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